Tata Motors share price soared 5% on Tuesday, hitting a new high of Rs 1,179.05 on the BSE after Nomura’s ‘buy’ call. This marks the fifth straight day of gains for the company, with investors expecting strong operational performance. The rally in Tata Motors’ stock comes amidst a positive outlook for the company’s future growth.
In other news, Sun Pharma is expected to report a 10% rise in profits for the first quarter, despite potential margin impacts from increased R&D spending. CarTrade Tech also reported a 69% growth in net profit for Q1FY25, leading to a 5% surge in its stock price.
Oil marketing companies like BPCL and HPCL saw their shares rally up to 6%, reaching new highs. This growth is attributed to India’s expanding road connectivity and economic activities driving oil consumption.
On the other hand, Varun Beverages witnessed profit booking after meeting street estimates for Q2CY24 results, causing a 6% decline in its stock price. Meanwhile, M&M is expected to see strong revenue growth in Q1FY25, with analysts predicting a rise in Ebitda of up to 23%.
RVNL also saw a 3% increase in its stock price after securing a Rs 739 crore-order win. The company is set to announce its Q1FY25 results on August 8.
Despite concerns about capital gains tax and valuation woes, the mid and smallcap bulls continue to surge, with both indices seeing significant growth since the Budget 2024 announcement.
In political news, Prime Minister Modi highlighted India’s achievements in poverty alleviation, fiscal prudence, and tax benefits for MSMEs at a CII event. India’s role in global growth and focus on quality living, skill development, and employment generation were also emphasized.
